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Ex-GE Bankers Convicted of Municipal Bond Bid-Rig Scheme

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Three former General Electric Co. bankers were sentenced to prison terms ranging from three to four years for defrauding cities and the U.S. Internal Revenue Service in a bid-rigging scheme involving municipal bonds.

U.S. District Judge Harold Baer in Manhattan sentenced Steven Goldberg to four years in prison while Peter Grimm and Dominick Carollo each received three years.